Voluntary benefits are those benefits that an individual employee voluntarily purchases. Voluntary benefits include medical expenses, life insurance, and retirement savings plans. Voluntary benefits are not included in the employer’s health insurance premium and therefore do not add to the cost of this program. Voluntary benefits may be prepaid or deferred. The costs for these need not be included because they are spread over a period of time, not just during employment, as is the case with employer-paid postretirement health care and pension costs.